EPAM improves its position on the Software 500 list for the 3rd consecutive year

Lawrenceville, NJ — October 30, 2006 - EPAM Systems (www.epam.com), the leading Software Engineering Outsourcing provider with delivery centers in Central and Eastern Europe, has made the top 300 of the Software 500, Software Magazine’s 24th annual ranking of the world's largest software and services providers.

The Software 500 helps CIOs, senior IT managers and IT staff research and shortlist business partners. The ranking is based on companies’ total worldwide software and services revenue for 2005. Although the overall Software 500 results show that growth in the

software and services industry was flat from 2004 to 2005, the ranking year, EPAM has demonstrated strong revenue growth and made a leap to the 272nd position.

"The fact that EPAM has been recognized among the world’s foremost software product and services vendors for the third consecutive year and advances to a higher position year after year testifies to EPAM’s maturity in delivering high quality software engineering outsourcing services,” said Arkadiy Dobkin, EPAM CEO and President. “It also confirms our ability to successfully manage the company’s rapid growth while consistently exceeding the expectations of our growing customer base”.

The Software 500 is searchable by primary business sector on www.Softwaremag.com, free to all site registrants.

About Digital Software Magazine, the Software Decision Journal, and Softwaremag.com
Digital Software Magazine, the Software Decision Journal, has been a brand name in the high-tech industry for nearly 30 years. Softwaremag.com, its Web counterpart, is the online catalog to enterprise software and the home of the Software 500 ranking of the world’s largest software and services companies, now in its 24th year. Software Magazine and Softwaremag.com are owned and operated by King Content Co.
www.Softwaremag.com

About EPAM Systems
EPAM Systems is a global provider of software engineering outsourcing services. In January 2006, for the second consecutive year, EPAM was named No.1 of Top 5 IT Outsourcing providers with development centers in Central and Eastern Europe on the "Global Services 100" list by neoIT and Global Services Magazine. Founded in 1993, EPAM maintains North American headquarters in Lawrenceville, NJ, and European headquarters in Budapest, Hungary, as well as support and delivery operations in the UK and Germany. EPAM software development centers are located in Russia, Hungary, Belarus, and Ukraine.
EPAM's customer base includes industry leaders such as Reuters, London Stock Exchange, Colgate-Palmolive, British Telecom, William Hill, Empire and CareFirst BlueCross BlueShield, Schlumberger and Halliburton and technology leaders such as SAP, BEA Systems, Microsoft and Hyperion
www.epam.com

For further information, please contact: press@epam.com